RadioShack has resurfaced as a cryptocurrency firm. According to Techradar, the RadioShack website now touts the company as “bringing cryptocurrencies to the mainstream” by developing a new protocol that makes decentralized finance more accessible to everyone (DeFi).
RadioShack has resurfaced as a cryptocurrency firm
The 100-year-old RadioShack brand has resurfaced as a wholly new business focused on shepherding average people into the crypto arena, two years after being purchased for scrap by investors Tai Lopez and Alex Mehr of Retail Ecommerce Ventures Review (REV). It will do so by assisting consumers in exchanging their existing crypto for DeFi, a new coin.
There appears to be a business model here where the new RadioShack makes a profit on these swaps, but the entire plan and mission statement — “we are going to lead the way for blockchain technology to reach mainstream adoption by other large brands” — makes about as much sense as a new 3.5mm headphone jack splitter that doesn’t end in USB-C.
“We will be the bridge between the CEOs who lead the world’s corporations and the new world of cryptocurrencies,” notes the newly updated RadioShack website.
RadioShack, to its credit, describes how it aims to make this all work in many documents and painstaking detail, and how its DeFi currency and relationship with Atlas USV is somehow better and more stable than other crypto exchanges.
In truth, it appears that RadioShack is going to establish its Radio token, with a focus on swaps, which is essentially a service that allows users to exchange cryptocurrencies and tokens. This is referred to as “low-hanging fruit” on the RadioShack website, owing to the “amazing quantities of profit” attainable from trading fees.
Whatever RadioShack does, it will do so in collaboration with Atlas USV, a startup that provides a “universal, decentralized, and widely available DeFi foundation layer” on which to build projects. But why Atlas as a partner? You may recall that Retail Ecommerce Ventures, which is led by Tai Lopez and Alex Mehr, purchased the RadioShack brand in 2020. “The RadioShack brands have resonated with consumers for nearly 100 years, and we are confident RadioShack’s relaunch as a cutting-edge eCommerce company will amplify the awareness of this iconic brand internationally,” Retail Ecommerce Venture CEO Alex Mehr said. Lopez and Mehr are also the brains behind Atlas, which means they have complete control over the operation.
Regardless of the amount of data available, the specifics of this blockchain venture appear to be hazy at the moment. Lopez and Mehr are betting on the RadioShack brand’s consumer appeal to ensure the operation’s success.
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